Bob Iger replaces Bob Chapek as CEO of Disney in an astounding comeback.

Entertainment industry was shocked when The Walt Disney Company unexpectedly revealed late Sunday

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that former CEO Bob Iger will take over as president for two years.

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Bob Chapek, Iger's replacement in 2020, resigned from his post, according to a statement from Disney.

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Chapek was praised by Disney board chair Susan Arnold for his leadership during "the tremendous challenges of the pandemic."

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She claimed that executives thought Iger was "uniquely positioned" to lead the massive entertainment company through

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"An increasingly complicated period of industry transformation." Iger, 71, oversaw Disney for 15 years while it acquired Pixar

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Lucasfilm, Marvel, and Fox's media companies and then introduced its Disney+ streaming service.

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